Jones Financial Companies Lllp Acquires 9,530 Shares of Bank Of Montreal $BMO

Key Points

• Jones Financial Companies Lllp increased its stake in Bank of Montreal by 121.7% in Q1, now owning 17,363 shares valued at approximately $1.66 million.
• Bank of Montreal recently increased its quarterly dividend to $1.63, resulting in a 5.1% yield, with the ex-dividend date set for October 30th.
• The bank reported earnings of $2.33 per share in its latest quarter, surpassing estimates, while quarterly revenue reached $6.51 billion.

Jones Financial Companies Lllp boosted its holdings in Bank Of Montreal (NYSE:BMO - Free Report) TSE: BMO by 121.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,363 shares of the bank's stock after acquiring an additional 9,530 shares during the quarter. Jones Financial Companies Lllp's holdings in Bank Of Montreal were worth $1,658,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC lifted its position in Bank Of Montreal by 228.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 273 shares of the bank's stock valued at $26,000 after acquiring an additional 190 shares in the last quarter. Bayforest Capital Ltd bought a new position in Bank Of Montreal in the 1st quarter valued at about $34,000. Truvestments Capital LLC bought a new position in Bank Of Montreal in the 1st quarter valued at about $39,000. CX Institutional purchased a new stake in Bank Of Montreal in the 1st quarter valued at about $42,000. Finally, HM Payson & Co. purchased a new stake in Bank Of Montreal in the 1st quarter valued at about $42,000. Institutional investors own 45.82% of the company's stock.

Wall Street Analyst Weigh In

BMO has been the subject of several analyst reports. Royal Bank Of Canada increased their price objective on shares of Bank Of Montreal from $161.00 to $168.00 and gave the company an "outperform" rating in a research note on Wednesday, August 27th. Barclays lowered shares of Bank Of Montreal from an "overweight" rating to an "equal weight" rating in a research note on Monday, June 9th. Scotiabank reiterated a "sector perform" rating on shares of Bank Of Montreal in a research note on Wednesday, August 27th. Cowen reiterated a "hold" rating on shares of Bank Of Montreal in a research note on Wednesday, August 27th. Finally, UBS Group reiterated a "neutral" rating on shares of Bank Of Montreal in a research note on Wednesday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Bank Of Montreal has an average rating of "Moderate Buy" and a consensus target price of $168.00.

Bank Of Montreal Price Performance

NYSE:BMO traded up $0.89 during midday trading on Wednesday, hitting $130.76. The company had a trading volume of 71,584 shares, compared to its average volume of 666,919. Bank Of Montreal has a 52-week low of $85.40 and a 52-week high of $130.61. The stock's fifty day moving average price is $116.77 and its 200-day moving average price is $106.20. The company has a market capitalization of $93.67 billion, a PE ratio of 16.01, a P/E/G ratio of 1.31 and a beta of 1.04. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.11.

Bank Of Montreal (NYSE:BMO - Get Free Report) TSE: BMO last announced its earnings results on Tuesday, August 26th. The bank reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.21. Bank Of Montreal had a net margin of 11.00% and a return on equity of 10.57%. The company had revenue of $6.51 billion during the quarter, compared to analyst estimates of $8.84 billion. During the same period in the previous year, the business earned $2.64 earnings per share. The firm's quarterly revenue was up 9.7% compared to the same quarter last year. As a group, research analysts expect that Bank Of Montreal will post 7.71 earnings per share for the current year.

Bank Of Montreal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Thursday, October 30th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 5.0%. This is a boost from Bank Of Montreal's previous quarterly dividend of $1.18. The ex-dividend date is Thursday, October 30th. Bank Of Montreal's dividend payout ratio (DPR) is presently 58.63%.

About Bank Of Montreal

Bank of Montreal provides diversified financial services primarily in North America. It operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments. The company's personal banking products and services include deposits, mortgages, home lending, consumer credit, small business lending, credit cards, cash management, financial and investment advice, and other banking services; and commercial banking products and services comprise various of financing options and treasury and payment solutions, as well as risk management products.